Indices Likely to Open Lower Amid Global Market Weakness

4 Sep 2024 , 09:16 AM

Indian benchmark indices expected to open negative on September 4 amid global cues. The GIFT Nifty was trading near 25,172.5, around 190 points down at 7 am today.

On September 3, indices close flat with Sensex down 4.40 points or 0.01% at 82,555.44 and Nifty closed at 25,279.80 with 1.10 pints up.

Global markets:

On Wednesday, Asian markets were trading low amid selloff in technology sector with Kospi index down 2.5% while Nikkei drops 3.5%.

On Tuesday night, US stocks also slumped making it one of the worst market days ahead of data releasing which may influence the fed rate cuts.

Market sentiment took a hit on Tuesday after the Institute for Supply Management released data showing that U.S. manufacturing is still struggling, even though there was a slight improvement in August compared to July’s eight-month low.

As a result, the Dow Jones fell by 626.15 points, or 1.51%, ending at 40,936.93. The S&P 500 dropped 119.47 points, or 2.12%, closing at 5,528.93, and the Nasdaq Composite slid 577.33 points, or 3.26%, finishing at 17,136.30.

FII & DII Data:

The foreign institutional investors continued their buying spree on September 4 with equities of ₹1029 crore bought. DII also supported the market yesterday by buying equities worth ₹1986 crore in yesterday’s market session.